No TCS on overseas payment through international credit, debit cards: Finance Ministry
Facing backlash from a wide section of people, the Finance Ministry said the move is aimed at removing procedural ambiguity with regard to Liberalised Remittance Scheme (LRS) and the levying of Tax Collected at Source (TCS).
The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards. Image Source: Pixabay